The
Board of Commissioners of Currency, Singapore (BCCS) was
established on 7 April 1967 by the enactment of the Currency Act, 1967.
It has the sole right to issue currency notes and coins in Singapore.
BCCS has issued four series of currency notes. All currency notes and
coins issued by BCCS are legal tender.

A
fake S$50 note dispensed by an automated teller machine (ATM)
belonging to the United Overseas Bank (UOB) was detected when
the customer tried to deposit it into her account with another
bank. Miss FOO Yip Phin Lee, 28, a shipping clerk, told The
Straits Times that she had withdrawn the money from the ATM at
the UOB branch in Cecil Street earlier this month. A UOB
spokesman said, "We have resolved the matter with the
customer and reimbursed her the S$50." (Straits
Times 15 Apr 2002) (H4)

The
new S$50 Portrait note with Deputy Prime Minister LEE Hsien
Loong's signature and seal will be offered to the public for the
first time at the three-day Asia Money Fair at Suntec City. It can
be exchanged at face value at BCCS exchange counters. (Straits
Times 15 Mar 2002) (3)

The
Board of Commissioners of Currency (BCCS) will stop minting new
one-cent coins at the end of March 2002 because people rarely
use them. Still, the coin can be used as it will continue to be
legal tender. Said a spokesman from the board, "Our long-term
goal is to see it disappear over time." Every year, more than
50 million new one-cent coins are issued, but only three million
are returned to the board, indicating people are not recirculating
the coins. (Straits
Times 28 Feb 2002) (3)